weebiscuit
Well-Known Member
I understand that a parent can "gift" a child up to $13,000 each year and the child doesn't have to report it or pay a tax on it.
Here's the question.... my mom is dead, my dad is 86 and in Assisted Living. He's blind, subject to dementia, and generally one of the meanest and vilest people who ever walked the earth.
My brother has Power of Attorney. Last December my brother wrote a check for $10,000 for himself, my sister, and I, out of my dad's estate.
Now my brother wants to write a check (in a six figure amount) to each of the three of us. What are the tax implications? If my father is still alive, will I have to pay a tax on this money? Is it better to wait till my father passes away to take that large an amount?
My dad and brother are in Florida. I am in Wisconsin. I talked to our accountant briefly and he said I would NOT have to pay any taxes on a large "gift" but I would have to fill out a form and report receiving the money. Does anyone know anything about this?
I don't know if I can go by what my accountant says or if I should consult an estate lawyer, which means a 60 mile one way ride and generally a pain in the butt.
My father doesn't need this money. He's very wealthy and can easily afford his Assisted Living apartment, and if something should happen where he needs to be in a nursing home, he would be 100% covered by the V.A. because he is 100% disabled.
Here's the question.... my mom is dead, my dad is 86 and in Assisted Living. He's blind, subject to dementia, and generally one of the meanest and vilest people who ever walked the earth.
My brother has Power of Attorney. Last December my brother wrote a check for $10,000 for himself, my sister, and I, out of my dad's estate.
Now my brother wants to write a check (in a six figure amount) to each of the three of us. What are the tax implications? If my father is still alive, will I have to pay a tax on this money? Is it better to wait till my father passes away to take that large an amount?
My dad and brother are in Florida. I am in Wisconsin. I talked to our accountant briefly and he said I would NOT have to pay any taxes on a large "gift" but I would have to fill out a form and report receiving the money. Does anyone know anything about this?
I don't know if I can go by what my accountant says or if I should consult an estate lawyer, which means a 60 mile one way ride and generally a pain in the butt.
My father doesn't need this money. He's very wealthy and can easily afford his Assisted Living apartment, and if something should happen where he needs to be in a nursing home, he would be 100% covered by the V.A. because he is 100% disabled.
